Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,895.53-16.64

THE TAKEAWAY: The US Dollar is attempting to stage a come-back after finding interim support while S&P 500 technical positioning continues to warn of weakness ahead.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September, with a break above that targeting the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes a minor falling channel bottom at 9909.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_4.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance in the 1424.90-1430.90 area, hinting the upward correction witnessed since mid-September may be over and the dominant down trend ready to resume. Initial support lines up at 1406.20, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% mark at 1394.30. Alternatively, a push back above 1430.90 targets 1466.10.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_3.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at a rising trend line set from late June. Sellers now aim to challenge the November 5 low at 1672.50. The trend line (now at 1709.01) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_2.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at the 23.6% Fibonacci expansion (89.48). Sellers have now cleared near-term support is at 87.42, the 14.6% Fib, exposing the channel bottom at 85.71. A break below that targets the November 7 low at 84.04. The 87.42 level has been recast as near-term resistance, with a reversal back above that aiming for 89.48 anew.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_1.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3281+0.0008+0.06%
    USDSGD=X
    1.4444-0.0002-0.02%
    EURSGD=X
    2.0236+0.0024+0.12%
    GBPSGD=X
    89.6774-0.05-0.06%
    SGDJPY=X
    5.8354-0.0039-0.07%
    SGDHKD=X
    2.6723+0.0016+0.06%
    SGDMYR=X
    9,789.1816+32.5156+0.33%
    SGDIDR=X
    4.6736-0.0121-0.26%
    SGDCNY=X
    1.0453+0.0034+0.32%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.40-3.80-0.32%
    GCM15.CMX
    16.30-0.10-0.60%
    SIK15.CMX
    71.68+1.72+2.46%
    ^XAU
    2.75-0.02-0.69%
    HGK15.CMX
    56.19-0.80-1.40%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34+0.02
    ^FVX
    1.92+0.01
    ^TNX
    2.61-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.635+0.005+0.79%
    F83.SI
    0.855+0.005+0.59%
    N21.SI
    0.42-0.01-1.18%
    E5H.SI
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    Y92.SI
    0.350.000.00%
    J7X.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.159+0.046+40.71%
    5IF.SI
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    570.SI
    0.126+0.016+14.55%
    5UA.SI
    0.24+0.02+9.09%
    5CF.SI
    0.33+0.03+8.20%
    G10.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.188-0.052-21.67%
    5OF.SI
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    UV1.SI
    0.44-0.03-7.37%
    CH8.SI
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    P34.SI
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    N4E.SI